I'm a little late to the game, but I've made this wrap. As you've discovered, the stitch -- which I've yet to see anywhere else - is, thankfully, described in the pattern.

The wrap is wonderful, and very easy to make, once you get going. (I actually just finished a scarf that I made from this stitch. It worked out well.)

The lesson I learned while making it was the value of a "lifeline". With all of those yarnovers, I found it's very difficult to figure out how to put your needle back in if you need to frog back to a mistake.

I learned about lifelines here, and I suggest you put one in your work from time to time. It's the knitting equivalent of clicking on "save".